Am I understanding this rent control law correctly

[Noyessie Hubert]

I just purchased my first property in Irvington, NJ, 07111 ( a nightmare :-) ). But now is mine. I was going through the rent control laws ( I know, should have done that before purchasing the property ), and a section stands out. https://ecode360.com/30526708#42037155

Based on what I can read, the rent control chapter doesn't apply to: Dwellings of three and four units, at least one of which is occupied by one or more of the owners thereof.

My understanding is that rent control doesn't apply to owner-occupied multi-units. Am I correct here, or does this exception mean something else entirely?

Thanks.